- The Washington Times - Wednesday, August 24, 2022

Monthly rents in the U.S. hit a record high for the 17th month in a row in July, according to a report from Realtor.com.

The median national rent for July was $1,879 a month, a double-digit percentage increase from a year ago. Rent for studio apartments rose 14.3%, while one-bedrooms climbed 12.2% and two bedrooms went up 11.2%. 

On average, new leases saw a jump of $300 while lease renewals on average jumped $160. 

Many renters are struggling to keep up with the cost of living, which includes monthly rent. Moving to a new apartment is often more expensive than enduring a yearly rent increase, according to the report. 

While cities have seen the biggest rent increases, suburban areas are not far behind. 

“Compared to three years ago when rental price premiums were typically concentrated in urban hubs, renting is now nearly as expensive in the suburbs, where the rise in remote work has driven a surge in demand,” said Realtor.com’s chief economist, Danielle Hale. 

In July, rent in cities increased by an average of 12.8%, while suburban areas were just behind at 11.7%.

Miami saw the largest increase, with prices rising 26.2% from last year. But other major cities such as New York, Boston and Chicago are right behind.

Landlords cited higher costs for maintenance and utilities as the main drivers for the increases. Fewer homes are being sold as mortgage rates rise, with home sales falling for the sixth month in a row in July.

But some good news for renters: The data suggests a cooldown in the future. The most recent median rent increase is the smallest in the 17-month streak. But experts suggest that doesn’t mean rents will be dropping anytime soon.

• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.

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